- Solana’s price has lost 22% of its market value since mid-September.
- The volume profile indicator is still uncertain as to who dominates the market.
- The invalidation of the bullish idea depends on a few factors mentioned below.
Solana’s price may rebound soon. Key levels have been identified.
Solana price is a trader’s chart
Solana’s price has day traders watching the bulls closely, attempting to reclaim ground with the 8-day exponential moving average. The bullish retaliation comes after Solana’s recent 22% decline since mid-September. Over longer timeframes, Solana price moves towards the support of the relative strength index. This is therefore a pivotal moment for the centralized smart contract token and one that is warranted to keep a close eye on.
The Solana Prize is currently auctioned at $32. The strength of the downtrend is still up for debate, as the volume profile indicator is showing a sparse reading. If the bulls can break through the 21-day simple moving average at $33.14, then a more confident countertrend trade idea will present itself.
SOL USDT 2-Day Chart
A daily close above $33.14 should give sidelined traders permission to reach the 38.2% Fibonacci retracement level (based on the previous swing low) marked at 35, $95.
Invalidation of the bullish idea hinges on whether the June 14th low at $25.75 holds. Should the bears break through this level, a further decline targeting a previous congestion zone near $20 could result in a 27% drop from Solana’s current price.
In the following video, our analysts dive into Solana’s price action, analyzing key levels of market interest – Netcost-Security Team